Lufthansa Cargo AG is selling its 25 per cent stake in the DHL International delivery service to Deutsche Post World Net.
The agreement has been approved by the Executive and Supervisory Boards of both companies. On conclusion of the contract and following approval by the cartel authorities, the shares will be transferred to Deutsche Post World Net. The purchase price is 550 million euros, plus a deferred payment of 60 million euros under a debtor-warrant agreement. Lufthansa will accumulate book profits of about 400 million euros in the current financial year from the sale of its minority shareholding in DHL.
Deutsche Post World Net is an important customer for Lufthansa Cargo and in the past few years the collaboration between the two companies has proved very positive. Although Lufthansa Cargo will no longer have an equity interest in DHL, it will pursue and strengthen its intensive cooperation with Deutsche Post World Net and DHL. “The disposal of our stake in DHL does not represent a change in strategy. It is a sensible move towards adapting our portfolio and will now enable us to realise the growth in value of this shareholding,” said Lufthansa CEO and Chairman Jürgen Weber. In the future, Lufthansa Cargo will successfully expand its business via partnerships, Weber added.